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Selective capitalism needs to end

Central banks ready to calm market after Greek vote, June 18

Wed., June 20, 2012

Re: Central banks ready to calm market after Greek vote, June 18

For the past two decades, conservatives have governed in Europe and North America. While they have delivered economic growth, it is now clear that the growths were based on unsustainable premise — it was debt driven.

These conservative governments took on debt, believing that their policies of tax cuts for the rich and business would grow the economy.

But the rich and business did not consume and invest as projected. Instead the working and middle class took on debts to live the good life they could not afford and speculate in real estate.

Banks enabled these reckless lifestyle. Now, the chicken has come home to roost. People no longer can afford to finance their debts and banks are failing because of that.

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The banks should suffer the fate of their reckless lending — that is, to go bust. We need to end privatization of profits and socializing losses.

Bank failures need not be as bad as the governments have painted. Instead of spending hundreds of billions to buy more time for the banks, the money would be better spent as stimulus to keep people in their jobs and providing credit to business to keep the economy moving.

Governments are elected to work for the people, not business or banks. Selective capitalism needs to end if we are going to get out of the current economic malaise.

Salmon Lee, Mississauga

I have to shake my head each and every day as I watch the powers that be (TPTB) continue to throw the world economy into absolute chaos because of their naïve belief that they can control a complex system by using the same failed attempts to manage the predicament (i.e. unintended consequences) that they themselves have created.

They continue to: try and solve a solvency issue with liquidity injections; socialize banking losses and risk while allowing the banksters to keep their bonuses and ridiculous pay; keep interest rates artificially low in the hopium-induced dream of jump-starting growth; throw good money after bad to keep the masses compliant and ignorant; mask the true systemic risks; and, kick the can down the road of the most all-encompassing Ponzi scheme ever created — fiat currency.

When the emperor is finally shown to have no clothes, I truly hope some heads roll amongst the ever-incestuous and malfeasant powers that be before they accomplish their latest goal — to transfer as much wealth from the 99 per cent to the 1 per cent before the system collapses.

Steve Bull, Stouffville

Re: While the G20 leaders fiddle, Greece burns, June 16

Tony Berman’s column in Saturday’s Star was absolutely spot on. Ordinary Greeks are suffering, not the country’s corrupt political and business elite. Except of course that’s not just a Grecian problem, it will be a global problem.

And he is also perfectly correct in saying the world knows this. And history also teaches that such situation always foment revolutions. That elite better start looking over its shoulder.

Dennis Ryan, Toronto

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